Baskins, who had been at the California company for 24 years, was praised in a statement by Chief Executive Mark Hurd.
"Stepping down was a very hard decision for her, but by doing so she has put the interests of HP above her own and that is to be commended," Hurd's statement said.
Meanwhile, Hurd testified before the U.S. House Energy and Commerce Committee about his company's spying on directors -- and nine reporters -- in an attempt to halt persistent leaks of sensitive information.
In prepared remarks he said the computer giant is "making the necessary changes to ensure that this never occurs again. We have accepted the resignation of our previous chairman. Other employees have left the company."
That former chairman, Patricia Dunn, also appeared before the committee, defending her authorization of the leak probe but denying awareness of the apparently illegal spying techniques used to root out the leakers.